RHB’s Shekar Jasiwal has maintained his “buy” rating on Singapore Technologies Engineering (ST Engineering) with an unchanged target price of $3.90.

In an Oct 28 note, the analyst said ST Engineering’s share price returns have outperformed that of the Straits Times Index (STI), thanks to the defensive nature of its business – evident from two years of revenue visibility, relatively resilient 2020 earnings, and its ability to maintain dividend payments this year. 

He believes ST Engineering’s plan to grow its passenger- to-freighter (P2F) business, and the potential smart city order wins should be a “long-term positive”. 

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